Possible Bull Breakout For SOL As Price Nears 8 EMA Resistance -Breaking
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© Reuters. SOL Price Closes to 8 EMA Resistance: Possible Bull Breakout- Given the current outlook for crypto markets, the price of (SOL), has experienced a significant gain over the past 24 hours.
- The 8 EMA on the daily chart for SOL/USDT seems to be acting as a resistance level for SOL’s price as SOL’s price attempts to break past the line.
- It is possible for the market to retrace, and then to a bullish move up to $70.
Due to the current cryptocurrency market outlook, Solana’s (SOL) price has shown a substantial gain over the last 24 hour. The following is the information from CoinMarketCap, a cryptocurrency market tracker.
SOL is one of the handful of crypto projects on CoinMarketCap’s list that have seen a price gain in the last 24 hours as its price rises by around 4.42% at the time of writing. SOL’s current price is $53.79. SOL’s price is now $53.79.
SOL’s price has also strengthened against (BTC) and (ETH) by around 4.93% and 5.40% respectively at the time of writing. SOL’s current value is approximately 0.001813 BTC or 0.02668 ETC.
Ranked number 8 on CoinMarketCap’s list of the largest cryptocurrency projects by market cap, SOL’s market cap currently stands at $18,163,174,754. SOL has seen a 22.92% increase in daily trading volumes. The 24-hour trading volume reached $1,955,113.121.
8 EMA act as resistance to SOL (Source TradingView).
The 8 EMA on the daily chart for SOL/USDT seems to be acting as a resistance level for SOL’s price as SOL’s price attempts to break past the line. There has also been more buy volume entering SOL’s market over the last 5 days. But bears will not give up and are still leading today.
The trend reversal may occur if SOL’s price breaks above the 8 EMA. In the coming days, there may be some retracement. SOL can jump up to about $70 if it is less than the movement from $45 to $58, as long as there are no retracements beyond the $8 EMA.
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